Banc of America Securities Announces Support of Covered Bond Market

NEW YORK, July 28 /PRNewswire/ -- Banc of America Securities LLC, the broker-dealer and wholly owned subsidiary of Bank of America Corporation, today announced its support for the development of a covered bond market in the United States.

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The support follows the framework outlined in the Federal Deposit Insurance Corporation's (FDIC) July 15 covered bond policy statement * and the Best Practices for Residential Covered Bonds* statement introduced today by the U.S. Treasury Department, with the support of the FDIC, Federal Reserve, Office of Thrift Supervision, Office of the Comptroller of the Currency and the U.S. Securities and Exchange Commission.

Consistent with its position, Banc of America Securities is a member of the Securities Industry and Financial Markets Association's (SIFMA) Covered Bonds Traders Committee, as indicated in a SIFMA statement released earlier today.

Banc of America Securities, a market-maker in fixed income products, including treasuries and agencies, mortgage- and asset-backed securities and corporate bonds, views the development of the covered bond market in the U.S. as a viable instrument to enhance the liquidity of the mortgage market. Banc of America Securities will act as a market-maker for covered bonds issued by various financial institutions.

* Agency statements available on respective Internet Web sites, http://www.fdic.gov/ and http://www.ustreas.gov/

Bank of America

Bank of America (NYSE: BAC) is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial products and services. The company's Global Corporate and Investment Banking group (GCIB) focuses on companies with annual revenues of more than $2.5 million; middle-market and large corporations; institutional investors; financial institutions; and government entities. GCIB provides innovative services in M&A, equity and debt capital raising, lending, trading, risk management, treasury management and research. Bank of America serves clients in 150 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. Many of Bank of America's services to corporate and institutional clients are provided through its U.S. and UK subsidiaries, Banc of America Securities LLC and Banc of America Securities Limited. For additional information, visit http://www.bankofamerica.com/

SOURCE: Bank of America

CONTACT: Louise Hennessy, Bank of America, +1-646-855-1403,
louise.hennessy@bankofamerica.com

Web site: http://www.bankofamerica.com/
http://www.fdic.gov/
http://www.ustreas.gov/